The crypto market showed significant growth today, rising by 3.64% to reach a total market cap of $3.81 trillion. Trading volume also surged by 62%, indicating increasing interest in cryptocurrencies.
Bitcoin's Surge and Records
Bitcoin increased by 3.73% over the past day, trading at $122,197.10. Trading volume more than doubled, up 122%. According to CryptoPatel, Bitcoin touched $123,000 and logged its highest-ever weekly close at $119,096. In the BTC chart model, a breakout from an ascending triangle that has been forming since March has been observed.
Impact of Institutional Investments
Data from The Crypto Basic reveals that between July 7 and July 11, Bitcoin ETFs attracted $2.72 billion in net inflows, while Ethereum ETFs added $907.99 million. The increase in institutional investments coincided with a 118% rise in BTC’s 24-hour trading volume.
Ethereum's Situation and Overall Market Dynamics
Ethereum is currently trading at $3,036.61, up 2.74% on the day. Trading volume rose by 56%. Ethereum reclaimed the $3,000 mark for the first time since January. Analysts suggest a potential move toward $3,800–$4,000 if bulls maintain this zone. The total crypto market cap also grew by $627 billion, an 18% increase.
The crypto market continues to show optimistic results driven by Bitcoin and Ethereum, alongside increasing interest from institutional investors.
